The question here is ow much did they pay for it, and then how much did they sell it for? Or at least, how much did they sell their equity in it for? Adjust numbers for inflation, how much they spent on improving the team, how much they earned back in revenue, and we get some real numbers to base on whether or not owning a bad franchise is worth it.

My Warriors, the losingest NBA franchise of the past 20 years, just sold for a HUGE profit, with a line of interested buyers out the door. The Atlanta Hawks, a team that plays to half empty arenas every night, just sold the franchise in a heartbeat. I don't really care how much these guys are making or losing on the sale of the franchise (although all signs point to large profits). The fact that there are willing and able buyers for marginal and terrible teams shows that these franchises have serious value, and are viewed by investors as either profitable, or at the worst, a marginal investment risk.

I can't even imagine the value of these franchises if they had GUARANTEED profits like the owners are pushing for. There are already people lining up to buy the teams. The value of a team with GUARANTEED profitability would probably double over night.